UAE: SALAMA reports 19% increase in net profit in 3Q
Source: Middle East Insurance Review | Dec 2023
Islamic Arab Insurance Company (SALAMA) posted a net profit of AED18.6m ($5.1m) for the first nine months of 2023, a healthy 19% rise from AED15.6m reported in the corresponding period of the previous year, a statement the company issued said.
The company reported 21% growth in revenue for 3Q2023, reaching AED824.3m, compared to AED679m during the same period last year. The substantial increase highlights SALAMA’s robust market presence and the successful execution of its strategic business initiatives including a renewed focus on underwriting, further development of digital capabilities, an expanded client portfolio and expansion of distribution channels through new partnerships, the statement said.
Shareholder’s investment income increased to AED65.9m, while total assets registered a slight increase to AED3.6bn from AED3.59m.
SALAMA chairman Saeed Alhajeri said, “In the first nine months of this year, SALAMA has achieved strategic growth by combining resilience with profitable expansion, underpinned by innovation and agility. Our investments in expanding our network, enhancing our products and services, and forging new partnerships have been pivotal in delivering value to our modern and technologically adept customers.”
SALAMA CEO Walter Jopp said, “In an ever-evolving market landscape, our unwavering commitment lies in the customer-centricity of our shariah-compliant products. By leveraging technology and fostering robust partnerships, we aim to sustain and enhance our strong market position.” M